AUD/USD Technical Analysis– Prices are testing below support at 0.9388, the 38.2% Fibonacci expansion, with a confirmed break on a daily closing basis exposing the 50% Fib at 0.9264. Near-term resistance is at 0.9542, the 23.6% level, with a move back above that targeting the June 3 high at 0.9791. Positive RSI divergence continues to warn of ebbing bearish momentum.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed